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HomeMy WebLinkAboutCity Council Resolution 2001-226CITY OF PLYMOUTH RESOLUTION NO. 2001-226 RESOLUTION RELATING TO A PROJECT ON BEHALF OF PLYMOUTH SENIOR HOUSING, LLC AND ITS FINANCING UNDER SECTION 145 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND CHAPTER 462C, MINNESOTA STATUTES; CALLING FOR A PUBLIC HEARING ON THE FINANCING AND A RELATED HOUSING PROGRAM BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"), as follows: Section 1. Recitals 1.1. The City is authorized by Minnesota Statutes, Chapter 462C, as amended (the "Act"), following the adoption of a housing program, as defined by the Act, to issue its revenue bonds to finance a combined multifamily housing and health care facility within its boundaries, which revenue bonds shall be payable solely from revenues of the facility or other pledged security. 1.2. Plymouth Senior Housing, LLC, a Minnesota limited liability company whose sole member will be a nonprofit corporation and Section 501(c)(3) tax-exempt organization (the "Borrower"), has advised this Council of its desire to undertake a project (the "Project"), consisting of the acquisition, constriction and furnishing of a combined multifamily rental housing and health care facility, consisting of approximately 68 independent living units, 28 assisted living units and 24 memory care units, to be located at 16205 36t1' Avenue North in the City. The Project will be owned and operated by the Borrower or a nonprofit affiliate. 1.3. The Borrower has requested the City to issue its revenue bonds, in one or more series, pursuant to the Act and Section 145 of the Internal Revenue Code of 1986, as amended (the "Code"), to finance all or a portion of the cost of the Project in an aggregate principal amount not to exceed $22,500,000 (the "Bonds"). Section 2. Public Hearing 2.1. The Act provides that, prior to issuance of the Bonds, the City must prepare a housing program, must submit the housing program to the Metropolitan Council for review, and must hold a public hearing on the housing program after not less than fifteen (15) days' published notice in a newspaper circulating generally in the City. 2.2. Section 147(f) of the Internal Revenue Code of 1986, as amended, and applicable Income Tax Regulations, require that, as a condition to the issuance of the Bonds under Section 145 of the Code and the exemption from federal income taxation of interest on the Bonds, the City must conduct a public hearing on the proposal to undertake and finance the Project after not less than fourteen (14) days' published notice in a newspaper of general circulation in the City. Resolution No. 2001-226 Page 2 of 3 2.3. Pursuant to the authorities cited in Sections 2.1 and 2.2 of this Resolution, a public hearing on the proposal to undertake the housing program and to finance the Project is hereby called and shall be held on Tuesday, July 24, 2001, at 7:00 o'clock P.M., or as soon thereafter as practicable, at the City Hall. The City Clerk shall cause notice of the public hearing to be published once in the official newspaper of the City, being a newspaper of general circulation in the City, not less than fifteen (15) days prior to the date fixed for the public hearing. The notice to be published shall be in substantially the following form: NOTICE OF PUBLIC HEARING RELATING TO A HOUSING PROGRAM AND PROJECT ON BEHALF OF PLYMOUTH SENIOR HOUSING, LLC AND ITS FINANCING UNDER SECTION 145 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND CHAPTER 462C, MINNESOTA STATUTES; CALLING FOR A PUBLIC HEARING ON THE FINANCING AND A RELATED HOUSING PROGRAM CITY OF PLYMOUTH, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Plymouth, Minnesota (the "City"), will meet on Tuesday, July 24, 2001, at 7:00 p.m., or as soon thereafter as practicable, at the City Hall located at 3400 Plymouth Boulevard in the City, for the purpose of conducting a public hearing on (i) a proposal that the City issue revenue bonds, in one or more series (the "Bonds"), under Minnesota Statutes, Chapter 462C, as amended (the "Act") and Section 145 of the Internal Revenue Code of 1986, as amended (the "Code"), in order to finance a project (the "Project") on behalf of Plymouth Senior Housing, LLC, a Minnesota limited liability company whose sole member will be a nonprofit corporation, or a nonprofit affiliate (the "Borrower") and (ii) a housing program prepared with respect to the Project and its financing The Project will be a combined multifamily housing and health care facility consisting of approximately 68 independent living units, 28 assisted living units and 24 memory care units. The Project will be located at 16205 36th Avenue North in the City. The aggregate principal amount of the Bonds to be issued for the Project will not exceed $22,500,000. The Bonds shall be special, limited obligations of the City and shall be payable solely from the revenues pledged to the payment thereof. No holder of any Bond shall ever have the right to compel any exercise of the taxing power of the City to pay the Bonds, or the interest thereon, nor to enforce payment thereon against any property of the City, except money payable by the Borrower to the City and pledged to the payment of the Bonds. A draft copy of the housing program relating to the Project is available for public inspection at the office of the City Clerk, located in City Hall, between the hours of 8:00 a.m. and 4:30 p.m. on normal City business days. All persons interested may appear and be heard at the time and place set forth above, or may file written comments with the City Manager prior to the date of the hearing set forth above. Resolution No. 2001-226 Page 3 of 3 Dated: June 12, 2001. CITY OF PLYMOUTH, MINNESOTA /s/ Dwight Johnson City Manager 2.4. A draft copy of the proposed housing program is hereby ordered placed on file with the City Clerk and shall be available for public inspection, following publication of the notice of public hearing, between the hours of 8:30 a.m. and 4:30 p.m., on normal City business days. Passed this 12th day of June, 2001. CITY CLERK'S CERTIFICATE I, the undersigned, being the duly qualified and acting City Clerk of the City of Plymouth, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing resolution which was duly adopted at a duly called and held meeting of the City Council of said City held on June 12, 2001, with the original thereof on file in my office and I further certify that the same is a fiill, true, and correct copy thereof. Councilmember Slavik moved the adoption of the foregoing resolution and said motion was duly seconded by Councilmember Black and upon vote being taken thereon, the following voted in favor thereof: All members voted in favor and the following voted against the same: Whereupon said resolution was declared duly passed. WITNESS my hand officially and the seal of the City this 12th day of June, 2001. (SEAL) 3 City Clerk City of Plymouth, Minnesota